Thursday, 4 June 2009

Remittances from UAE second highest in GCC

Dubai: More than $10 billion (Dh36.7 billion) is transferred annually by expatriate workers in the UAE to home markets, the second highest remittance funds of the Gulf Cooperation Council (GCC) states.

Remittances refer to a transfer of funds, usually in the context of expatriates sending money back to their home countries through an exchange, or bank transfer. The global remittance industry was estimated at $283 billion in 2008 by the World Bank, of which the GCC is an integral component.

The importance of the GCC in the global remittance industry has contributed to the decision by Money Transfer International (MTI), the global trade association, to launch MTI Middle East this year. Read more

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